International Geneva zooming into the Metaverse
The metaverse is a fusion between immersive technologies like augmented reality (AG) and virtual reality (VR), and the web. It creates a 3D virtual world in which people use avatars – a digital image of oneself – to engage in activities such as games, business and even to undergo surgery.
According to the global consultancy firm, McKinsey, more than $120 billion were invested in the metaverse in 2022, more than double the $57 billion invested in 2021. Gartner, a technology research firm, predicts that by 2026, 30 per cent of real-world businesses will be able to offer metaverse-related goods and services. The sector is expected to contribute to the global economy up to $5 trillion by 2030, equivalent to the size of Japan’s economy.
Digital rules
While the metaverse’s infrastructure is still under construction, international Geneva is already paving the way to harness its potential as a global, interconnected, immersive and real-time online space, capable of merging the physical world with augmented (AR) and virtual reality (VR) experiences. Researchers, educators, policymakers, and digital designers are taking part in discussions at the International Telecommunication Union’s (ITU) newly established working group on the metaverse, seminars at the World Intellectual Property Organization (Wipo) and the World Economic Forum.
A virtual international ecosystem?
Meanwhile, Unitar, the Geneva-based UN agency that provides training to least developed countries (LDCs) and small island developing states (SIDS), has begun to experiment with the metaverse. For its 60th anniversary at the end of 2023, it plans to blow out the candles in both the physical world and the metaverse. It plans to set up a virtual art gallery, displaying artwork backed by NFTs – uniquely digital certificates that confirm ownership and authenticity –, with sales proceeds to fund UN sustainability projects.
“Democratisation of accessibility is our guiding principle,” Juliana Cossa, Unitar’s head of digital innovation told Geneva Solutions following a panel at the recent World Summit on the Information Society Forum, one of the largest annual information communications technology gathering for the development sector.
Challenges and issues ahead
The vast volume of data used in the metaverse has nonetheless raised numerous data protection and security concerns. Twenty minutes spent in a virtual reality environment may yield two million data points about the user.
An exponential increase in data acquisition, transmission and storage will need substantial investments in digital infrastructure, particularly in developing nations.
Survival through the virtual world
The future success of the metaverse lies in the ability to find solutions to these problems while leveraging metaverse-based solutions that may have a positive impact on communities.
For some small countries, the metaverse is proving to be an innovative tool to raise awareness of their problems and offer services to their citizens living abroad.
